Ascot Resources Ltd (TSX: AOT; OTCQX:
AOTVF) (“
Ascot” or the
“
Company”) is pleased to announce further
outstanding results from drill holes completed in the Silver Coin
deposit of Ascot’s Premier Gold Project (“
PGP”)
near Stewart in northwestern British Columbia.
Highlights from 30 drill holes reported in this
release include:
- 30.81g/t Au over 6.69m in hole P19-2137
- 28.96g/t Au over 3.20m in hole P19-2136
- 12.24g/t Au over 4.59m in hole P19-2130
The Silver Coin deposit is located approximately
five kilometres to the north of the Premier mill and 800 metres
south from the Big Missouri deposit. In 1991, the Premier mill
processed 102,500 tonnes of Silver Coin ore at a grade of 8.88g/t
Au. Ascot acquired Silver Coin in 2018 and is currently preparing a
mine plan using side hill access.
At Silver Coin, Ascot conducted an 11,000-metre
drill program in the 2019 field season. This release reports the
results from the fourth and final set of drill holes, adding to the
intercepts reported in releases of September 5, October 9 and
December 2.
Derek White, President and CEO of Ascot
commented, “This concludes results from our 2019 drill campaign at
PGP. This last set of holes produced some outstanding results for
the Company with thick high-grade intercepts. Overall at Silver
Coin we reported 34 individual intercepts over 10g/t gold,
including one exceptional 273g/t gold interval. The new intercepts
underpin a better understanding and predictability of the
geological model and provides Ascot a stronger base to work from
for the development of the forthcoming updated resource statement
and feasibility study. We are pleased to announce that we will be
hosting a Webinar on Wednesday January 8 at 1:05 pm Pacific/4:05 pm
Eastern. Details can be found on our web site. In addition, we
would like to invite interested parties to meet Ascot management in
person at the upcoming Cambridge House investor show and at the
industry focussed Roundup in Vancouver if you are planning to
attend.”
Drill Results
This news release presents the results from 30
drill holes, comprising 3,783 metres of drilling, completed from 8
separate pads. The holes were drilled to test the northern and
southernmost parts of the deposit.
Drill holes from pads SC30 and SC35 were
targeted on a previously modeled mineralized zone (see figure 2) to
follow up previous widely spaced high-grade gold intercepts.
The holes were successful in increasing the density of drill
spacing and the confidence level in interpretation of the geology.
Drill holes 2118 and 2123 from pad SC-01 intersected gold
mineralization at the northwestern periphery of the deposit that
will require future follow-up as the deposit appears to still be
open in that direction.
Drill holes from pads SC-31 and SC-32 were
targeting peripheral parts of the deposit. The drill holes from
pads SC-03, SC-04 and SC-10 intersected gold mineralization at
various levels and will contribute to improving the grade
interpolation in the targeted zones.
The results of the infill program exceeded
expectations and are expected to be particularly positive when
integrated into the pending resource update for the Premier Gold
Project. The results from the Silver Coin drill holes are
summarized in Table 1 and the pad locations are listed in Table
2.
Figure 1 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/48336d4b-560a-45db-b6a1-366db85e9e13.
Image of the Silver Coin deposit showing the locations of collars
and drill holes reported in this release relative to the existing
underground infrastructure and the orientation of the cross-section
A-A’.
Figure 2 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/cd186b55-907d-4e00-9086-2835d582bd10.
The cross-section A-A’ is in mineralization at the southern end of
the Silver Coin deposit with a view to the north-east. The section
shows the zone as it was modeled before the 2019 drill infill
drilling. The new mineralized intercepts fall largely within the
modeled zone and updated wire frames are in progress.
Table 1 Summary of drill
results from Silver Coin
Hole # |
pad |
azimuth/dip |
From (m) |
To(m) |
Width(m) |
Au (g/t) |
Ag (g/t) |
P19-2087 |
SC-03 |
75/-45 |
54.50 |
55.70 |
1.20 |
9.08 |
56.0 |
also |
|
|
63.30 |
64.40 |
1.10 |
36.50 |
80.0 |
and |
|
|
69.65 |
70.65 |
1.00 |
12.10 |
27.0 |
P19-2088 |
SC-03 |
75/-55 |
70.60 |
72.05 |
1.45 |
7.72 |
27.0 |
P19-2089 |
SC-03 |
300/-58 |
61.00 |
62.00 |
1.00 |
3.03 |
16.0 |
P19-2090 |
SC-03 |
300/-65 |
59.10 |
63.00 |
3.90 |
9.55 |
44.9 |
incl. |
|
|
62.50 |
63.00 |
0.50 |
35.80 |
205.0 |
also |
|
|
86.35 |
87.50 |
1.15 |
9.67 |
34.0 |
and |
|
|
89.50 |
90.50 |
1.00 |
8.54 |
34.0 |
and |
|
|
96.85 |
98.40 |
1.55 |
8.25 |
24.0 |
P19-2091 |
SC-31 |
105/-55 |
no significant intercept |
P19-2092 |
SC-03 |
270/-60 |
46.30 |
50.30 |
4.00 |
3.55 |
23.0 |
also |
|
|
64.40 |
68.35 |
3.95 |
4.39 |
3.5 |
and |
|
|
91.29 |
92.29 |
1.00 |
4.60 |
9.0 |
and |
|
|
102.62 |
103.62 |
1.00 |
5.93 |
12.5 |
and |
|
|
110.00 |
111.00 |
1.00 |
11.30 |
10.0 |
P19-2093 |
SC-10 |
270/-82 |
70.87 |
71.66 |
0.79 |
4.05 |
3.0 |
also |
|
|
92.87 |
95.12 |
2.25 |
8.32 |
41.7 |
and |
|
|
124.27 |
126.27 |
2.00 |
11.10 |
16.0 |
P19-2094 |
SC-10 |
270/-50 |
190.90 |
192.90 |
2.00 |
1.97 |
3.0 |
P19-2095 |
SC-10 |
304/-77 |
162.31 |
164.31 |
2.00 |
4.78 |
17.0 |
P19-2096 |
SC-10 |
355/-81 |
87.88 |
89.88 |
2.00 |
14.13 |
15.8 |
incl. |
|
|
88.88 |
89.88 |
1.00 |
23.65 |
24.5 |
also |
|
|
120.16 |
122.16 |
2.00 |
6.56 |
20.0 |
and |
|
|
168.5 |
172.53 |
4.03 |
6.61 |
10.5 |
P19-2097 |
SC-10 |
50/-77 |
102.78 |
103.75 |
0.97 |
6.03 |
15.0 |
also |
|
|
107.60 |
110.60 |
3.00 |
4.02 |
22.8 |
and |
|
|
170.36 |
172.36 |
2.00 |
6.85 |
18.0 |
P19-2098 |
SC-32 |
270/-81 |
39.65 |
41.65 |
2.00 |
1.14 |
6.0 |
P19-2099 |
SC-32 |
90/-83 |
29.46 |
31.46 |
2.00 |
1.04 |
1.0 |
P19-2111 |
SC-04 |
270/-50 |
85.10 |
86.10 |
1.00 |
2.98 |
14.0 |
also |
|
|
114.87 |
116.63 |
1.76 |
5.37 |
6.0 |
P19-2112 |
SC-04 |
270/-60 |
116.27 |
117.57 |
1.30 |
10.90 |
7.0 |
P19-2113 |
SC-04 |
270/-70 |
54.54 |
56.54 |
2.00 |
16.90 |
10.0 |
also |
|
|
120.89 |
122.16 |
1.27 |
9.13 |
17.0 |
and |
|
|
139.24 |
140.48 |
1.24 |
4.35 |
5.0 |
P19-2114 |
SC-04 |
240/-45 |
71.47 |
72.35 |
0.88 |
1.29 |
18.0 |
P19-2115 |
SC-04 |
240/-58 |
51.66 |
52.72 |
1.06 |
273.00 |
143.0 |
also |
|
|
89.99 |
90.83 |
0.84 |
6.60 |
7.0 |
and |
|
|
120.91 |
121.91 |
1.00 |
7.17 |
8.0 |
P19-2116 |
SC-04 |
270/-70 |
70.17 |
72.17 |
2.00 |
4.31 |
1.0 |
also |
|
|
97.40 |
98.40 |
1.00 |
4.67 |
14.0 |
and |
|
|
105.40 |
106.40 |
1.00 |
3.24 |
26.0 |
and |
|
|
122.73 |
123.73 |
1.00 |
5.20 |
6.0 |
P19-2118 |
SC-01 |
90/-45 |
29.87 |
32.92 |
3.05 |
2.73 |
16.0 |
P19-2123 |
SC-01 |
90/-77 |
44.40 |
45.42 |
1.02 |
20.80 |
21.0 |
P19-2130 |
SC-35 |
40/-60 |
63.83 |
68.42 |
4.59 |
12.24 |
11.7 |
incl. |
|
|
65.41 |
66.41 |
1.00 |
31.80 |
25.5 |
P19-2131 |
SC-35 |
60/-52 |
68.15 |
70.11 |
1.96 |
1.21 |
2.0 |
P19-2132 |
SC-35 |
65/-43 |
72.22 |
73.42 |
1.20 |
7.16 |
11.5 |
P19-2133 |
SC-35 |
90/-65 |
51.00 |
53.25 |
2.25 |
1.89 |
6.0 |
P19-2135 |
SC-35 |
255/-65 |
93.00 |
101.75 |
8.75 |
18.38 |
29.3 |
incl. |
|
|
96.00 |
96.75 |
0.75 |
99.50 |
121.0 |
P19-2136 |
SC-30 |
230/-59 |
96.65 |
99.85 |
3.20 |
28.96 |
36.2 |
incl. |
|
|
97.75 |
98.75 |
1.00 |
74.10 |
63.0 |
P19-2137 |
SC-30 |
200/-70 |
98.07 |
104.76 |
6.69 |
30.81 |
29.1 |
incl. |
|
|
98.07 |
98.71 |
0.64 |
139.00 |
137.0 |
P19-2138 |
SC-30 |
195/-83 |
86.07 |
88.07 |
2.00 |
1.68 |
4.0 |
P19-2139 |
SC-30 |
110/-52 |
77.32 |
79.11 |
1.79 |
3.73 |
25.0 |
|
|
|
|
|
|
|
|
True width is estimated to be approximately 70-90% of reported
intercepts.
Table 2 Drill pad locations
Pad # |
UTM N |
UTM E |
Elevation |
Hole no. |
SC-1 |
6218350 |
435766 |
811 |
2118, 2123 |
SC-3 |
6218234 |
435867 |
950 |
2087-2090, 2092 |
SC-4 |
6218175 |
435847 |
952 |
2111-2116 |
SC-10 |
6218050 |
435887 |
1015 |
2093-2097 |
SC-30 |
6217663 |
435880 |
1047 |
2136-2139 |
SC-31 |
6217661 |
435578 |
941 |
2091 |
SC-32 |
6217625 |
435764 |
1022 |
2098, 2099 |
SC-35 |
6217575 |
435820 |
1013 |
2130-2133, 2135 |
|
|
|
|
|
Upcoming Events
Ascot will be hosting a live Webinar Townhall on
Wednesday January 8, 2020 at 1:05pm Pacific/4:05pm Eastern.
To register, please visit www.ascotgold.com under the Events
section and click the link.
Ascot will also be at the Cambridge House
Vancouver Investor Conference from January 19-20 and at the Roundup
from January 20-21.
Quality Assurance/Quality
Control
Lawrence Tsang, P. Geo., the Company’s Senior
Geologist provides the field management for the Premier exploration
program. John Kiernan, P. Eng., Chief Operating Officer of the
Company is the Company’s Qualified Person (QP) as defined by
National Instrument 43-101 and has reviewed and approved the
technical contents of this news release.
Analytical work is being carried out by SGS
Canada Inc (“SGS”). Ascot’s quality-assurance and quality-control
program includes the use of analytical blanks to monitor for cross
contamination, certified reference material standards to assess
analytical accuracy, and duplicate samples to quantify sampling
precision. This is in addition to the internal quality assurance
program employed by SGS.
Samples are dried and weighed by SGS. They are
then crushed to 75% passing 2mm, with 250g split and pulverized to
85% passing 75µm. Samples are processed on site by a mobile lab
supplied by SGS and run by SGS personnel. All splits are sent to
SGS in Burnaby. There, all samples are digested using aqua-regia
with an ICP-AES finish and fire assay with AA finish for gold.
Samples over 100ppm silver are digested with aqua regia and then
volumetrically diluted before an ICP-AES or AA finish (up to
1,500ppm). Samples over 1,500ppm silver are fire assayed with a
gravimetric finish. Samples over 10ppm gold are fire assayed with a
gravimetric finish. Identified or suspected metallic gold or silver
are subjected to “metallics” assays. Sampling and storage are at
the Company’s secure facility in Stewart.
For more information about the Company, please
refer to the Company’s profile on SEDAR at www.sedar.com or visit
the Company’s web site at www.ascotgold.com, or for a virtual tour
visit www.vrify.com under Ascot Resources.
ON BEHALF OF THE BOARD OF DIRECTORS OFASCOT RESOURCES
LTD.
“Derek C. White”, President and
CEO
For further information contact:Kristina Howe
VP, Investor Relations 778-725-1060 / khowe@ascotgold.com
About Ascot Resources
Ltd. Ascot is a Canadian-based junior exploration
company focused on re-starting the past producing historic Premier
gold mine, located in British Columbia's Golden Triangle. The
Company continues to define high-grade resources for underground
mining with the near-term goal of converting the underground
resources into reserves, while continuing to explore nearby targets
on its Premier/Dilworth and Silver Coin properties (collectively
referred to as the Premier project). Ascot's acquisition of IDM
Mining added the high-grade gold and silver Red Mountain project to
its portfolio and positions the Company as a leading consolidator
of high- quality assets in the Golden Triangle.
The TSX Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this
release.
Cautionary Statement Regarding
Forward-Looking InformationAll statements, trend analysis
and other information contained in this press release about
anticipated future events or results constitute forward-looking
statements. Forward-looking statements are often, but not always,
identified by the use of words such as “seek”, “anticipate”,
“believe”, “plan”, “estimate”, “expect” and “intend” and statements
that an event or result “may”, “will”, “should”, “could” or “might”
occur or be achieved and other similar expressions. All statements,
other than statements of historical fact, included herein are
forward-looking statements. Although Ascot believes that the
expectations reflected in such forward-looking statements and/or
information are reasonable, undue reliance should not be placed on
forward-looking statements since Ascot can give no assurance that
such expectations will prove to be correct. These statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from
those anticipated in such forward-looking statements, including the
risks, uncertainties and other factors identified in Ascot’s
periodic filings with Canadian securities regulators, and
assumptions made with regard to: the estimated costs associated
with construction of the Premier and Red Mountain Projects; the
timing of the anticipated start of production at the Premier and
Red Mountain Projects; the ability to maintain throughput and
production levels at the Premier Mill. Forward-looking statements
are subject to business and economic risks and uncertainties and
other factors that could cause actual results of operations to
differ materially from those contained in the forward-looking
statements. Important factors that could cause actual results to
differ materially from Ascot’s expectations include risks
associated with the business of Ascot; risks related to exploration
and potential development of Ascot’s projects; business and
economic conditions in the mining industry generally; fluctuations
in commodity prices and currency exchange rates; uncertainties
relating to interpretation of drill results and the geology,
continuity and grade of mineral deposits; the need for cooperation
of government agencies and native groups in the exploration and
development of properties and the issuance of required permits; the
need to obtain additional financing to develop properties and
uncertainty as to the availability and terms of future financing;
the possibility of delay in exploration or development programs and
uncertainty of meeting anticipated program milestones; uncertainty
as to timely availability of permits and other governmental
approvals; and other risk factors as detailed from time to time and
additional risks identified in Ascot’s filings with Canadian
securities regulators on SEDAR in Canada (available at
www.sedar.com). Forward-looking statements are based on estimates
and opinions of management at the date the statements are made.
Ascot does not undertake any obligation to update forward-looking
statements.
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